EX-99.2 3 sho-20250806xex99d2.htm EX-99.2

Exhibit 99.2


Supplemental Financial Information For the quarter ended June 30, 2025 August 6, 2025

Supplemental Financial Information
August 6, 2025

Table of Contents


Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures								2
Comparable Corporate Financial Information								6
Capitalization								11
Property-Level Data And Operating Statistics								14
Property-Level Revenues, Adjusted EBITDAre & Adjusted EBITDAre Margins								19


	Supplemental Financial Information August 6, 2025

CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES								Page 2


	Supplemental Financial Information August 6, 2025

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of August 6, 2025 owns 14 hotels comprised of 6,999 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.

This presentation contains unaudited information and should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Corporate Headquarters
15 Enterprise, Suite 200
Aliso Viejo, CA 92656
(949) 330-4000

Company Contacts
Bryan Giglia
Chief Executive Officer
(949) 382-3036

Aaron Reyes
Chief Financial Officer
(949) 382-3018


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES								Page 3


	Supplemental Financial Information August 6, 2025

Non-GAAP Financial Measures

We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margins. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (“Nareit”), as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate.” We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre as measures in determining the value of hotel acquisitions and dispositions.

We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to the Nareit definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently than we do.

We also present Adjusted FFO attributable to common stockholders when evaluating our operating performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and may facilitate comparisons of operating performance between periods and our peer companies.


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES								Page 4


	Supplemental Financial Information August 6, 2025

We adjust EBITDAre and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDAre or Adjusted FFO attributable to common stockholders:

●

Amortization of deferred stock compensation: we exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels.

●

Amortization of contract intangibles: we exclude the noncash amortization of any favorable or unfavorable contract intangibles recorded in conjunction with our hotel acquisitions. We exclude the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.

●

Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure.

●

Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period.

●

Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; the write-off of development costs associated with abandoned projects; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects such as the work performed at Andaz Miami Beach; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.

In addition, to derive Adjusted EBITDAre, we exclude the amortization of our right-of-use assets and related lease obligations as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets.

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the real estate amortization of our right-of-use assets and related lease obligations (with the exception of our corporate operating lease) as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude preferred stock redemption charges, changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets.

In presenting hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDAre results in a more accurate presentation of the hotel Adjusted EBITDAre margins for our hotels, and that these non-GAAP financial measures are useful to investors in evaluating our property-level operating performance.

Reconciliations of net income to EBITDAre, Adjusted EBITDAre, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this supplemental package.


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES								Page 5


	Supplemental Financial Information August 6, 2025

COMPARABLE CORPORATE FINANCIAL INFORMATION


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 6


	Supplemental Financial Information August 6, 2025

Comparable Consolidated Statements of Operations

Q2 2025 – Q3 2024, Trailing 12 Months


	Quarter Ended (1)								Trailing 12 Months (1)
(Unaudited and in thousands, except per share data)	June 30,		March 31,		December 31,		September 30,		Ended
	2025		2025		2024		2024		June 30, 2025
Revenues
Room	$	154,061	$	140,482	$	129,609	$	136,826	$	560,978
Food and beverage		77,986		67,066		59,611		63,839		268,502
Other operating		25,365		21,432		21,433		23,415		91,645
Total revenues		257,412		228,980		210,653		224,080		921,125

Operating Expenses
Room		40,481		38,353		35,353		36,958		151,145
Food and beverage		53,022		48,806		44,490		46,284		192,602
Other expenses		91,636		86,542		84,568		85,474		348,220
Corporate overhead		8,346		8,905		5,787		7,577		30,615
Depreciation and amortization		33,719		31,673		32,064		31,087		128,543
Total operating expenses		227,204		214,279		202,262		207,380		851,125

Interest and other income		2,300		1,564		1,873		2,350		8,087
Interest expense		(13,164)		(12,682)		(10,440)		(15,982)		(52,268)
Income (loss) before income taxes		19,344		3,583		(176)		3,068		25,819
Income tax (provision) benefit, net		(37)		(98)		17		(99)		(217)
Net income (loss)	$	19,307	$	3,485	$	(159)	$	2,969	$	25,602

(1)	Includes results for all 14 hotels owned by the Company as of June 30, 2025. Excludes the income tax related to a hotel sold in a prior year.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 7


	Supplemental Financial Information August 6, 2025

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, and Total Portfolio Hotel Adjusted EBITDAre

Q2 2025 – Q3 2024, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	June 30,		March 31,		December 31,		September 30,		Ended
(In thousands)	2025		2025		2024		2024		June 30, 2025

Net income	$	10,774	$	5,255	$	836	$	3,249	$	20,114
Depreciation and amortization		34,125		32,275		32,666		31,689		130,755
Interest expense		13,164		12,682		10,440		15,982		52,268
Income tax provision (benefit), net		37		98		(17)		(483)		(365)
Loss on sale of assets		8,751		—		—		—		8,751
EBITDAre		66,851		50,310		43,925		50,437		211,523

Amortization of deferred stock compensation		2,772		2,064		2,075		2,430		9,341
Amortization of right-of-use assets and obligations		(159)		(141)		(154)		(153)		(607)
Gain on insurance recoveries		—		(99)		(116)		—		(215)
Pre-opening costs		3,218		3,253		1,181		853		8,505
Property-level legal settlement costs		—		—		1,182		—		1,182
Management transition costs		—		1,869		—		—		1,869
Adjustments to EBITDAre, net		5,831		6,946		4,168		3,130		20,075

Adjusted EBITDAre		72,682		57,256		48,093		53,567		231,598
Sold hotel Adjusted EBITDAre (1)		(624)		(2,372)		(1,597)		(300)		(4,893)

Comparable Adjusted EBITDAre		72,058		54,884		46,496		53,267		226,705

Corporate-level adjustments, net (2)		3,226		3,516		1,853		2,859		11,454

Total Portfolio Hotel Adjusted EBITDAre	$	75,284	$	58,400	$	48,349	$	56,126	$	238,159

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 8


	Supplemental Financial Information August 6, 2025

Comparable Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

Q2 2025 – Q3 2024, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	June 30,		March 31,		December 31,		September 30,		Ended
(In thousands, except per share data)	2025		2025		2024		2024		June 30, 2025

Net income	$	10,774	$	5,255	$	836	$	3,249	$	20,114
Preferred stock dividends		(3,932)		(3,931)		(3,931)		(3,931)		(15,725)
Real estate depreciation and amortization		33,779		31,918		32,250		31,320		129,267
Loss on sale of assets		8,751		—		—		—		8,751
FFO attributable to common stockholders		49,372		33,242		29,155		30,638		142,407

Amortization of deferred stock compensation		2,772		2,064		2,075		2,430		9,341
Real estate amortization of right-of-use assets and obligations		(134)		(126)		(136)		(129)		(525)
Amortization of contract intangibles, net		314		315		314		315		1,258
Noncash interest on derivatives, net		181		982		(1,635)		3,326		2,854
Gain on insurance recoveries		—		(99)		(116)		—		(215)
Pre-opening costs		3,218		3,253		1,181		853		8,505
Property-level legal settlement costs		—		—		1,182		—		1,182
Management transition costs		—		1,869		—		—		1,869
Prior year income tax benefit, net		—		—		—		(582)		(582)
Adjustments to FFO attributable to common stockholders, net		6,351		8,258		2,865		6,213		23,687

Adjusted FFO attributable to common stockholders		55,723		41,500		32,020		36,851		166,094
Sold hotel Adjusted FFO (1)		(624)		(2,372)		(1,597)		(300)		(4,893)

Comparable Adjusted FFO attributable to common stockholders	$	55,099	$	39,128	$	30,423	$	36,551	$	161,201

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.29	$	0.21	$	0.16	$	0.19	$	0.85

Basic weighted average shares outstanding		195,791		200,410		200,185		201,402		199,447
Shares associated with unvested restricted stock awards		513		1,214		2,048		1,065		1,210
Diluted weighted average shares outstanding		196,304		201,624		202,233		202,467		200,657
Equity transactions (3)		(6,339)		(11,032)		(11,167)		(12,468)		(10,252)
Comparable diluted weighted average shares outstanding		189,965		190,592		191,066		189,999		190,405

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 9


	Supplemental Financial Information August 6, 2025

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Total Portfolio Hotel Adjusted EBITDAre,

FFO and Adjusted FFO Attributable to Common Stockholders

Q2 2025 – Q3 2024, Trailing 12 Months Footnotes

(1)	Sold hotel Adjusted EBITDAre and Adjusted FFO include results for the Hilton New Orleans St. Charles, sold in June 2025.

(2)	Corporate-level adjustments, net primarily consist of corporate overhead expenses and interest and other income.

(3)	Equity transactions represent pro forma adjustments to reflect the Company's repurchases of its common stock during the first and second quarters of 2025 and the third and fourth quarters of 2024 as if the repurchases had occurred on July 1, 2024.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 10


	Supplemental Financial Information August 6, 2025

CAPITALIZATION


CAPITALIZATION								Page 11


	Supplemental Financial Information August 6, 2025

Comparative Capitalization
Q2 2025 – Q2 2024


	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except per share data)	2025			2025			2024			2024			2024

Common Share Price & Dividends
At the end of the quarter	$	8.68		$	9.41		$	11.84		$	10.32		$	10.46
High during quarter ended	$	9.49		$	12.10		$	12.38		$	10.86		$	11.09
Low during quarter ended	$	7.72		$	9.41		$	10.00		$	9.46		$	9.96
Common dividends per share	$	0.09		$	0.09		$	0.09		$	0.09		$	0.09

Common Shares & Units
Common shares outstanding		190,171			200,370			200,825			200,919			203,390
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		190,171			200,370			200,825			200,919			203,390

Capitalization
Market value of common equity	$	1,650,681		$	1,885,477		$	2,377,768		$	2,073,489		$	2,127,464
Liquidation value of preferred equity - Series G		66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H		115,000			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series I		100,000			100,000			100,000			100,000			100,000
Total debt		872,000			845,000			845,000			817,437			817,978
Total capitalization	$	2,803,931		$	3,011,727		$	3,504,018		$	3,172,176		$	3,226,692

Total debt to total capitalization		31.1	%		28.1	%		24.1	%		25.8	%		25.4	%
Total debt and preferred equity to total capitalization		41.1	%		37.4	%		32.1	%		34.6	%		34.1	%


CAPITALIZATION								Page 12


	Supplemental Financial Information August 6, 2025

Debt and Preferred Stock Summary Schedule


(In thousands)	Interest Rate /	Maturity			June 30, 2025
Unsecured Debt	Spread	Date (1)			Balance

Series A Senior Notes	4.69%	01/10/2026		$	65,000
Term Loan 3 (2)	5.92%	05/01/2026			225,000
Term Loan 4 (2)	5.52%	11/07/2026			100,000
Term Loan 1 (2)	5.32%	07/25/2027			175,000
Revolving Line of Credit	5.86%	07/25/2027			27,000
Series B Senior Notes	4.79%	01/10/2028			105,000
Term Loan 2 (2)	5.83%	01/25/2028			175,000
Total Unsecured Debt				$	872,000

Preferred Stock
Series G cumulative redeemable preferred (3)	4.500%	Perpetual		$	66,250
Series H cumulative redeemable preferred	6.125%	Perpetual			115,000
Series I cumulative redeemable preferred	5.700%	Perpetual			100,000
Total Preferred Stock				$	281,250

Debt and Preferred Statistics
		Debt Statistics			Debt and Preferred Statistics
% Fixed Rate Debt		51	%		63.0	%
% Floating Rate Debt		49	%		37.0	%
Average Interest Rate		5.51	%		5.53	%
Weighted Average Maturity of Debt		1.7 years			N/A

(1)

Maturity Date assumes the exercise of all available extensions for the Revolving Line of Credit and Term Loan 4. The Revolving Line of Credit has an initial maturity date of July 2026 with two 6-month extensions, which would result in an extended maturity of July 2027. Term Loan 4 has an initial maturity date of November 2025 with two 6-month extensions, which would result in an extended maturity of November 2026. By extending these loans, the Company's weighted average maturity of debt increases from 1.6 years to 1.7 years.

(2)	Interest rates on the Term Loans are calculated according to a leverage-based pricing grid with a range of 135 to 230 basis points over the applicable adjusted term SOFR. The interest rates for Term Loan 1 and Term Loan 4 include the effect of the Company's interest rate swap derivatives.

(3)

The Series G cumulative redeemable preferred stock had an initial dividend rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Beginning with the first and third quarters of 2024, the dividend rate increased to the greater of 3.0% and 4.5%, respectively, or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Based on the dividends earned during the previous 12 months, this equates to an annual yield of 4.50%. Beginning with the third quarter of 2025, the dividend rate will increase to the greater of 6.5% or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort.


CAPITALIZATION								Page 13


	Supplemental Financial Information August 6, 2025

PROPERTY-LEVEL DATA AND OPERATING STATISTICS


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 14


	Supplemental Financial Information August 6, 2025

Hotel Information as of August 6, 2025


Hotel		Location	Brand	Number of Rooms	% of Total Rooms	Interest	Year Acquired

1	Hilton San Diego Bayfront (1) (2)	California	Hilton	1,190	17%	Leasehold	2011 / 2022
2	Hyatt Regency San Francisco	California	Hyatt	821	12%	Fee Simple	2013
3	The Westin Washington, DC Downtown	Washington DC	Marriott	807	12%	Fee Simple	2005
4	Renaissance Orlando at SeaWorld®	Florida	Marriott	781	11%	Fee Simple	2005
5	Hyatt Regency San Antonio Riverwalk	Texas	Hyatt	630	9%	Fee Simple	2024
6	Wailea Beach Resort	Hawaii	Marriott	543	8%	Fee Simple	2014
7	JW Marriott New Orleans (3)	Louisiana	Marriott	501	7%	Fee Simple	2011
8	Marriott Boston Long Wharf	Massachusetts	Marriott	415	6%	Fee Simple	2007
9	Marriott Long Beach Downtown	California	Marriott	376	5%	Fee Simple	2005
10	Andaz Miami Beach (4)	Florida	Hyatt	287	4%	Fee Simple	2022
11	The Bidwell Marriott Portland	Oregon	Marriott	258	4%	Fee Simple	2000
12	Oceans Edge Resort & Marina	Florida	Independent	175	3%	Fee Simple	2017
13	Montage Healdsburg (5)	California	Montage	130	2%	Fee Simple	2021
14	Four Seasons Resort Napa Valley (5)	California	Four Seasons	85	1%	Fee Simple	2021

	Total Portfolio			6,999	100%

(1)	In June 2022, the Company acquired the 25.0% noncontrolling partner's ownership interest in the Hilton San Diego Bayfront. Following this acquisition, the Company owns 100% of the hotel.

(2)	The ground lease at the Hilton San Diego Bayfront matures in 2071.

(3)	Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space that is not integral to the hotel’s operations.

(4)	Andaz Miami Beach debuted in May 2025, following the hotel's transformative renovation and conversion from The Confidante Miami Beach.

(5)	The number of rooms excludes rooms provided by owners of the separately owned private residences at each resort who may periodically elect to participate in the applicable resort’s residential rental program.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 15


	Supplemental Financial Information August 6, 2025

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q2 2025/2024


Hotels sorted by number of rooms	For the Three Months Ended June 30,
	ADR					Occupancy					RevPAR				TRevPAR
	2025		2024		2025 vs. 2024	2025	2024	2025 vs. 2024		2025		2024		2025 vs. 2024	2025		2024		2025 vs. 2024
Hilton San Diego Bayfront	$	294	$	282	4.4%	87.0%	86.7%	30	bps	$	256	$	244	4.7%	$	440	$	437	0.6%
Hyatt Regency San Francisco		289		284	1.7%	80.3%	76.7%	360	bps		232		218	6.5%		338		290	16.3%
The Westin Washington, DC Downtown		317		319	(0.5)%	73.1%	76.8%	(370)	bps		232		245	(5.3)%		376		386	(2.5)%
Renaissance Orlando at SeaWorld®		193		195	(1.1)%	74.1%	67.8%	630	bps		143		132	8.1%		319		300	6.2%
Hyatt Regency San Antonio Riverwalk		200		204	(1.8)%	68.8%	76.7%	(790)	bps		138		157	(12.0)%		229		264	(13.2)%
Wailea Beach Resort		602		668	(9.9)%	69.6%	71.4%	(180)	bps		419		477	(12.1)%		696		754	(7.7)%
JW Marriott New Orleans		241		249	(3.2)%	70.4%	72.5%	(210)	bps		170		181	(6.0)%		247		257	(3.9)%
Marriott Boston Long Wharf		415		406	2.1%	85.0%	86.0%	(100)	bps		352		349	1.0%		490		490	0.1%
Marriott Long Beach Downtown (1)		246		235	4.5%	79.9%	49.5%	3,040	bps		196		116	68.7%		273		158	72.3%
The Bidwell Marriott Portland		147		155	(5.2)%	81.8%	70.6%	1,120	bps		121		110	9.8%		166		150	11.2%
Oceans Edge Resort & Marina		275		306	(10.4)%	79.9%	82.2%	(230)	bps		219		252	(12.9)%		409		438	(6.7)%
Montage Healdsburg		1,103		1,130	(2.4)%	71.3%	59.2%	1,210	bps		787		669	17.6%		1,567		1,275	22.9%
Four Seasons Resort Napa Valley		1,366		1,431	(4.5)%	67.8%	62.6%	520	bps		926		896	3.5%		1,750		1,715	2.0%

Total Portfolio, Excluding Renovation Hotel (2)		323		328	(1.3)%	77.2%	75.1%	210	bps		250		246	1.4%		417		405	2.8%

Add: Renovation Hotel (1)
Andaz Miami Beach		324		—	100%	14.6%	0.0%	1,460	bps		47		—	100%		89		5	1,662.6%

Total Portfolio (3)	$	323	$	328	(1.3)%	74.6%	72.0%	260	bps	$	241	$	236	2.2%	$	403	$	389	3.7%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 16


	Supplemental Financial Information August 6, 2025

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q2 YTD 2025/2024


Hotels sorted by number of rooms	For the Six Months Ended June 30,
	ADR					Occupancy				RevPAR					TRevPAR
	2025		2024		2025 vs. 2024	2025	2024	2025 vs. 2024		2025		2024		2025 vs. 2024	2025		2024		2025 vs. 2024
Hilton San Diego Bayfront	$	291	$	286	1.9%	81.6%	84.2%	(260)	bps	$	238	$	241	(1.2)%	$	428	$	433	(1.0)%
Hyatt Regency San Francisco		302		303	(0.3)%	76.7%	71.2%	550	bps		232		216	7.4%		335		292	14.7%
The Westin Washington, DC Downtown		317		294	7.7%	71.5%	71.9%	(40)	bps		226		211	7.1%		358		340	5.5%
Renaissance Orlando at SeaWorld®		213		214	(0.6)%	76.5%	74.4%	210	bps		163		159	2.2%		349		348	0.2%
Hyatt Regency San Antonio Riverwalk		199		206	(3.7)%	68.7%	74.4%	(570)	bps		137		153	(11.1)%		228		250	(9.1)%
Wailea Beach Resort		634		683	(7.2)%	72.0%	76.2%	(420)	bps		456		520	(12.3)%		714		780	(8.5)%
JW Marriott New Orleans		282		260	8.4%	71.5%	70.4%	110	bps		202		183	10.1%		280		255	9.9%
Marriott Boston Long Wharf		359		353	1.5%	78.5%	76.8%	170	bps		282		271	3.8%		397		388	2.4%
Marriott Long Beach Downtown (1)		241		231	4.1%	78.2%	41.1%	3,710	bps		188		95	98.1%		264		130	103.6%
The Bidwell Marriott Portland		150		150	0.3%	77.4%	64.5%	1,290	bps		116		97	20.3%		156		135	15.6%
Oceans Edge Resort & Marina		324		363	(10.8)%	82.1%	81.9%	20	bps		266		297	(10.6)%		450		476	(5.3)%
Montage Healdsburg		989		1,030	(4.0)%	55.3%	48.5%	680	bps		547		500	9.4%		1,094		957	14.4%
Four Seasons Resort Napa Valley		1,186		1,305	(9.1)%	55.8%	48.3%	750	bps		662		630	5.0%		1,280		1,233	3.9%

Total Portfolio, Excluding Renovation Hotel (2)		321		324	(1.1)%	75.0%	72.5%	250	bps		241		235	2.3%		397		384	3.4%

Add: Renovation Hotel (1)
Andaz Miami Beach		324		269	20.2%	7.3%	22.3%	(1,500)	bps		24		60	(60.6)%		47		73	(34.9)%

Total Portfolio (3)	$	321	$	324	(0.9)%	72.3%	70.3%	200	bps	$	232	$	228	2.0%	$	383	$	370	3.4%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 17


	Supplemental Financial Information August 6, 2025

Property-Level Operating Statistics

Q2 & YTD 2025/2024 Footnotes

(1)

Operating statistics for the second quarters and first six months of 2025 and 2024 are impacted by renovation activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.

(2)

Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of June 30, 2025, with the exception of Andaz Miami Beach due to its renovation activity during the second quarters and first six months of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company’s results. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)	Total Portfolio consists of all hotels owned by the Company as of June 30, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 18


	Supplemental Financial Information August 6, 2025

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 19


	Supplemental Financial Information August 6, 2025

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2025/2024


Hotels sorted by number of rooms	For the Three Months Ended June 30,
	2025					2024
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	47,636	$	15,490	32.5%	$	47,328	$	14,971	31.6%	90	bps
Hyatt Regency San Francisco		25,227		3,085	12.2%		21,701		1,609	7.4%	480	bps
The Westin Washington, DC Downtown		27,636		8,889	32.2%		28,340		11,506	40.6%	(840)	bps
Renaissance Orlando at SeaWorld®		22,684		6,757	29.8%		21,352		6,321	29.6%	20	bps
Hyatt Regency San Antonio Riverwalk		13,148		4,929	37.5%		15,152		6,743	44.5%	(700)	bps
Wailea Beach Resort		34,438		11,352	33.0%		37,544		13,548	36.1%	(310)	bps
JW Marriott New Orleans		11,248		4,531	40.3%		11,711		4,538	38.7%	160	bps
Marriott Boston Long Wharf		18,516		7,831	42.3%		18,498		7,948	43.0%	(70)	bps
Marriott Long Beach Downtown (1)		9,338		2,962	31.7%		5,421		(13)	(0.2)%	3,190	bps
The Bidwell Marriott Portland		3,908		795	20.3%		3,515		749	21.3%	(100)	bps
Oceans Edge Resort & Marina		6,507		1,972	30.3%		6,976		2,304	33.0%	(270)	bps
Montage Healdsburg		19,512		6,677	34.2%		15,709		4,177	26.6%	760	bps
Four Seasons Resort Napa Valley		15,285		2,343	15.3%		14,823		2,272	15.3%	—	bps

Total Portfolio, Excluding Renovation Hotel (2)		255,083		77,613	30.4%		248,070		76,673	30.9%	(50)	bps

Add: Renovation Hotel (1)
Andaz Miami Beach		2,329		(2,329)	(100.0)%		132		(483)	(365.9)%	26,590	bps

Total Portfolio (3)		257,412		75,284	29.2%		248,202		76,190	30.7%	(150)	bps

Less: Prior Ownership (4)
Hyatt Regency San Antonio Riverwalk		—		—	N/A		(4,200)		(2,128)	50.7%	N/A

Add: Sold Hotel (5)		2,360		624	N/A		3,479		1,132	32.5%	N/A

Actual Portfolio (6)	$	259,772	$	75,908	29.2%	$	247,481	$	75,194	30.4%	N/A

*Footnotes on page 22


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 20


	Supplemental Financial Information August 6, 2025

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2025/2024


Hotels sorted by number of rooms	For the Six Months Ended June 30,
	2025					2024
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	92,276	$	28,916	31.3%	$	93,716	$	29,285	31.2%	10	bps
Hyatt Regency San Francisco		49,748		5,708	11.5%		43,627		4,228	9.7%	180	bps
The Westin Washington, DC Downtown		52,360		16,423	31.4%		49,923		16,191	32.4%	(100)	bps
Renaissance Orlando at SeaWorld®		49,336		16,024	32.5%		49,492		16,448	33.2%	(70)	bps
Hyatt Regency San Antonio Riverwalk		25,946		9,533	36.7%		28,689		11,847	41.3%	(460)	bps
Wailea Beach Resort		70,336		23,342	33.2%		77,677		29,104	37.5%	(430)	bps
JW Marriott New Orleans		25,395		11,592	45.6%		23,243		8,968	38.6%	700	bps
Marriott Boston Long Wharf		29,807		9,767	32.8%		29,277		9,630	32.9%	(10)	bps
Marriott Long Beach Downtown (1)		17,951		4,877	27.2%		8,842		(2,031)	(23.0)%	5,020	bps
The Bidwell Marriott Portland		7,276		1,176	16.2%		6,332		953	15.1%	110	bps
Oceans Edge Resort & Marina		14,268		5,068	35.5%		15,150		5,910	39.0%	(350)	bps
Montage Healdsburg		27,010		4,633	17.2%		23,252		2,598	11.2%	600	bps
Four Seasons Resort Napa Valley		22,222		(571)	(2.6)%		21,311		(430)	(2.0)%	(60)	bps

Total Portfolio, Excluding Renovation Hotel (2)		483,931		136,488	28.2%		470,531		132,701	28.2%	—	bps

Add: Renovation Hotel (1)
Andaz Miami Beach		2,461		(2,804)	(113.9)%		4,147		(721)	(17.4)%	(9,650)	bps

Total Portfolio (3)		486,392		133,684	27.5%		474,678		131,980	27.8%	(30)	bps

Less: Prior Ownership (4)
Hyatt Regency San Antonio Riverwalk		—		—	N/A		(17,737)		(7,232)	40.8%	N/A

Add: Sold Hotel (5)		7,445		2,996	N/A		7,706		2,741	35.6%	N/A

Actual Portfolio (6)	$	493,837	$	136,680	27.7%	$	464,647	$	127,489	27.4%	N/A

*Footnotes on page 22


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 21


	Supplemental Financial Information August 6, 2025

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 & YTD 2025/2024 Footnotes

(1)

Hotel Adjusted EBITDAre for the second quarters and first six months of 2025 and 2024 is impacted by renovation activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.

(2)

Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of June 30, 2025, with the exception of Andaz Miami Beach due to its renovation activity during the second quarters and first six months of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company's results. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)	Total Portfolio consists of all hotels owned by the Company as of June 30, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2.

(4)	Prior Ownership includes results for the Hyatt Regency San Antonio Riverwalk prior to the Company’s acquisition of the hotel in April 2024 as discussed in Note 2.

(5)	Sold Hotel includes results for the Hilton New Orleans St. Charles, sold by the Company in June 2025.

(6)	Actual Portfolio includes results for the 15 hotels owned by the Company during the second quarters and first six months of 2025 and 2024.


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 22